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MNI Europe Pi (Positioning Indicator): Schatz Shorts Fading
MNI Europe Pi (Positioning Indicator): Schatz Shorts Fading
EXECUTIVE SUMMARY:
- European bond futures positioning is little changed since our our last full update on Jul 3.
- German contracts remain more structurally short than their counterparts elsewhere, with OAT, BTP and Gilt continuing to fluctuate between short/flat/long territory.
- Last week saw mostly short covering, with some longs set.
Full PDF Analysis:
- GERMANY: German structural positioning is unchanged since end-June. Schatz remains short with Bobl and Bund "very short", with Buxl remaining flat. Schatz is seeing some nascent long setting with the contract moving away from extreme shorts; the other three contracts saw short cover last week.
- OAT: OATs have dipped back into structurally short territory, having flipped from long to short back to flat since early June. Some short covering was seen last week.
- GILT: Gilt positioning has reverted to flat where it was most of Q2, having moved into short territory through most of June. There was some long-setting last week.
- BTP: BTP structural positioning remains flat, where it has spent most of the past 3 months (after a stint in "long" territory in May). The contract saw some short covering last week.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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